Car owners strain as more monthly loan payments soar past $1,000
. In the meantime, auto debt continues to climb and the average new-car price has soared to a record of almost $50,000.
The pandemic was a boom time for the sale of both used and new cars, “but as we shifted toward an environment with diminished used-car values and rising interest rates over the past few months, consumers have become less insulated from those riskier loan decisions, and we are only seeing the tip of the negative-equity iceberg,” Ivan Drury, director of insights at Edmunds, said in a statement.
Auto buyers are more vulnerable than many other borrowers to falling victim to predatory lending practices. On Wednesday, New York Attorney General Letitia James and the US Consumer Financial Protection Bureau sued Credit Acceptance Corp., accusing the subprime auto lender of luring thousands of low-income individuals into unaffordable high-interest. The company said in a statement that “the complaint is without merit” and it will “vigorously defend ourselves in this matter.
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